ITV ORD GBP0.10Long
ITV - (possibly?) broken out of 4 year old downtrend
The stock has been in the downtrend for the last 4 years.
Since mid August 2019, the price has been moving up and so far has gained ~50%. It has broken out of the downtrend mid October 2019, retested the area multiple times and has continued rallying upwards (there is no decline in volume either). The moving averages are still facing downward on Weekly, but have now turned up on a Daily.
Buy off a pullback and confirmation from support zone / bottom uptrend channel line and use a tight (is that the right choice here?) SL.
Watch price action at ~£1.51 and ~£1.57 and consider taking some profits.
The above is purely from looking at the chart with no idea about fundamentals. Should possibly have a look.. ;)
Since mid August 2019, the price has been moving up and so far has gained ~50%. It has broken out of the downtrend mid October 2019, retested the area multiple times and has continued rallying upwards (there is no decline in volume either). The moving averages are still facing downward on Weekly, but have now turned up on a Daily.
Buy off a pullback and confirmation from support zone / bottom uptrend channel line and use a tight (is that the right choice here?) SL.
Watch price action at ~£1.51 and ~£1.57 and consider taking some profits.
The above is purely from looking at the chart with no idea about fundamentals. Should possibly have a look.. ;)
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